More bad economic news.
The US economy shrank 1.6% in the first quarter of 2022.
The U.S. economy shrank at a 1.6% annual pace in the first three months of the year even though consumers and businesses kept spending at a decent pace, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter.
It was the first drop in gross domestic product — the broadest measure of economic output — since the second quarter of 2020, in the depths of the COVID-19 recession, and followed a strong 6.9% expansion in the final three months of 2021. Inflation is running at 40-year highs, and consumer confidence is sinking.
The 6.9% expansion of U.S. gross domestic product (GDP) in the final quarter of 2021 was the fastest growth for the U.S. economy in 40 years.
The Palmieri Report is a Pro-America News Outlet. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions. Make sure to bookmark The Palmieri Report for new articles every 30 minutes!
Follow us on social media:
Listen to our Daily News Podcast!